The economic and viability…

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025-1368

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179475

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The economic and viability case for these MZOs and this project has collapsed. The condominium market has both collapsed and shifted, with the market no longer supporting high rise projects dominated by studios and one-bedroom units, which is the configuration this TOC proposes.  Oakville needs family-oriented, complete-community housing, not investor-driven micro-units. The project will not proceed for at least five years, so there is no urgency or justification for imposing these MZOs now. Their only effect is to lock in inflated land values for the developer. IO should pause, shut down this TOC, withdraw the MZOs, and proceed with OPA 70, that is a responsible, deliverable, community-supported plan that is aligned with the changing market. I vote NO for these MZOs.
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No more shoebox intended for investors, the collapse of the Toronto condo units should be enough to realize these are not whats required.